1.  We have audited the attached Balance Sheet of Ind Tra Deco Limited
 as at March 31, 2010 and also the Profit and Loss Account and the Cash
 Flow statement of the Company for the year ended on that date, annexed
 thereto. These financial statements are the responsibility of the
 Companys management. Our responsibility is to express an opinion on
 these financial statements based on our audit.
 
 2.  We conducted our audit in accordance with the Auditing Standards
 generally accepted in India. Those Standards require we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatement. An audit
 includes examining, on a test basis, evidence supporting the amounts
 and disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the Management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis of our opinion.
 
 3.  As required by the Companies (Auditors Report) order, 2003 issued
 by the Central Government of India in terms of section 227 (4A) of the
 Companies Act, 1956, we annex hereto a statement on the matters
 specified in paragraphs 4 and 5 of the said Order.
 
 4.  Further to our comments in the Annexure referred to in paragraph 3
 above, we report that:
 
 (a) We have obtained all the information and explanations, which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit.
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 such books.
 
 (c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
 dealt with by this report are in agreement with the books of account;
 
 (d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
 Flow Statement dealt with by this report comply with the Accounting
 Standards referred to in sub-section (3C) of Section 211 of the
 Companies Act, 1956.
 
 (e) In our opinion and to the best of our information and according to
 the explanations given to us, the said accounts read with the notes
 thereon, give the information required by the Companies Act, 1956 in
 the manner so required and give a true and fair view in conformity with
 the accounting principles generally accepted in India :
 
   (i) in the case of Balance Sheet, of the state of affairs of the
       Company as at March 31, 2010 ;
 
  (ii) in the case of Profit and Loss Account, of the Profit of the
       Company for the year ended on that date ; and 
 
 (iii) in the case of Cash Flow Statement, of the Cash flows for the
       year ended on that date.
 
 5.  On the basis of written representation received from the directors
 of the Company as on March 31, 2010, and taken on record by the Board
 of Directors, we report that none of the directors of the Company is
 disqualified as on March 31, 2010, from being appointed as director in
 terms of clause (g) of sub-section (1) of Section 274 of the Companies
 Act, 1956.
 
 
 
 
 
 
 
 Annexure to the Auditors Report
 
 Referred to in paragraph 3 of our report of even date on the accounts
 of Ind Tra Deco Limited for the year ended March 31, 2010:
 
 1.  (a) The Company has maintained proper records showing full
 particulars, including quantitative
 
 details and situation of fixed assets.
 
 (b) The fixed assets are physically verified by the management as per
 phased programme of verification. In our opinion, the frequency of
 verification is reasonable having regard to the size of the Company and
 the nature of its assets. To the best of our knowledge, no material
 discrepancies were reported on such verification.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company has not disposed off any fixed assets during
 the year.
 
 2.  (a) The management has conducted physical verification of inventory
 at reasonable intervals.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures followed by the management for physical
 verification of inventory are reasonable and adequate in relation to
 the size of the Company and nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company is maintaining proper records of inventory.
 During the year, no material discrepancies were noticed on physical
 verification.
 
 3.  (a) The Company has granted loans to twelve parties covered in the
 register maintained under Section 301 of
 
 the Companies Act, 1956. The maximum amount involved during the year
 was Rs. 1,196.44 Lacs and the year end balance of such loans was Rs.
 915.28 Lacs.
 
 (b) According to information and explanation given to us, the rate of
 interest and other terms and conditions of the loans given are not
 prima facie prejudicial to the interest of the Company.
 
 (c) The principle amount of loan in respect of loan granted to
 associates is repayable on call.
 
 (d) The Company has taken loans from eleven parties covered in the
 register maintained under section 301 of the Companies Act, 1956. The
 maximum amount involved during the year was Rs.495.51 and the year end
 balance of such loans was Rs. Nil.
 
 (e) According to information and explanation given to us, the rate of
 interest and other terms and conditions of the loans taken are not
 prima facie prejudicial to the interest of the Company.
 
 (f) The principle amount of loan in respect of loan taken from
 associate companies is repayable on call.
 
 4.  In our opinion and according to the information and explanations
 given to us, there is an adequate internal control procedure
 commensurate with the size of the Company and the nature of its
 business, for the purpose of inventory and fixed assets, and for the
 sale of goods and services. In our opinion and according to information
 and explanations given to us, there is no continuing failure to correct
 major weaknesses in internal control.
 
 5.  Based on the audit procedures applied by us and according to the
 information and explanations provided by the management, the
 transactions made in pursuance of contracts or arrangements during the
 period that needed to be entered in the register required to be
 maintained under section 301 of the Act aggregating to Rs.5,00,000/-
 (Rupees Five lakhs) or more in respect of any party.
 
 6.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposits from the public,
 within the meaning of sections 58A and 58AA of the Act and rules framed
 there under.
 
 7.  In our opinion, the Company has an internal control audit system,
 which in our opinion is commensurate with the size and nature of its
 business.
 
 8.  As informed to us, the maintenance of cost records has not been
 prescribed by the Central Government under Section 209( 1 )(d) of the
 Companies Act, 1956, in respect of the activities carried on by the
 Company.
 
 9.  (a) According to the information and explanations given to us and
 according to the books and records as
 
 produced and examined by us, in our opinion, the Company is generally
 regular in depositing undisputed statutory dues with the appropriate
 authorities during the year.
 
 (b) According to the books of account and records as produced and
 examined by us, there are no dues payable in respect of Sales tax,
 Income tax, Excise duty, Custom duty or cess which have not been
 deposited on account of any dispute.
 
 10.  The Company has no accumulated losses at the end of the financial
 year and it has not incurred any cash losses in the current year and in
 the immediately preceding financial year.
 
 11.  According to the information and explanations given to us and the
 records examined by us, the Company has not defaulted in repayment of
 dues to financial institution or bank.
 
 12.  According to the information and explanations given to us and the
 records examined by us, the Company has not granted any loans on the
 basis of security by way of pledge of shares, debentures or other
 securities.
 
 13.  In our opinion and according to the information and explanations
 given to us, the nature of the activities of the Company does not
 attract any special statute applicable to the chit fund and
 nidhi/mutual benefit fund/societies.
 
 14.  In our opinion and according to the information and explanations
 given to us, the Company is not a dealer or trader in the securities.
 
 1 5. According to the information and explanations given to us and
 records examined by us, the Company has not given any guarantees for
 loans taken by others from banks or financial institutions, the terms
 and conditions whereof are prima facie prejudicial to the interest or
 the Company.
 
 16.  According to information and explanations given to us, the Company
 has not taken any term loan during the year.
 
 17.  On the basis of overall examination of the Balance Sheet and Cash
 flows of the Company and the information and explanation given to us,
 we report that the Company has not utilized any funds raised on short
 term basis for long term investments.
 
 18.  The Company has not made any preferential allotment of shares to
 parties or companies covered under Section 301 of the Act.
 
 19.  According to the explanations given to us and the records examined
 by us, the Company has not issued any debentures during the year.
 
 20.  The Company has not raised any money through a public issue during
 the year.
 
 21.  Based upon the audit procedures performed and information and
 explanations given by the management, we report that no fraud on or by
 the Company has been noticed or reported during the year.
 
 
 
 
 For and on behalf of
 
 William Serrao 
 
 Chartered Accountants
 
 
 
     sd/- 
 
 Proprietor
 
 Membership No: 014383 
 
 Mumbai, August 21, 2010